The All Ordinaries Index (ASX: XAO) is down 0.9% today despite the best lifting efforts of this resurgent ASX All Ords gold stock.
The rapidly rebounding stock in question is Gorilla Gold Mines Ltd (ASX: GG8).
After getting hammered in March, Gorilla Gold shares are enjoying a strong rebound in May. This follows a series of promising exploration updates from its Comet Vale Gold Project, located in Western Australia.
Gorilla Gold shares closed on Friday trading for 43.0 cents. In morning trade on Monday, shares are swapping hands for 44.5 cents apiece, up 3.5%.
With today’s intraday gains factored in, shares in the ASX All Ords gold stock are now up 32.8% since the closing bell on 30 April.
Here’s what’s piquing investor interest again today.
ASX All Ords gold stock lifts on shallow gold discovery
Gorilla Gold shares are outperforming today after the company reported making its fourth gold discovery in three weeks at Comet Vale.
First-pass drilling at the new shallow gold discovery at the Diddy Kong Prospect (located within Comet Vale) was said to have successfully followed up a historical intercept.
Top results included 4.0 metres at 2.1 grams of gold per tonne from 91.0 metres from one hole, and 4.0 metres @ 5.2g/t Au from 111.0 metres.
Among the multiple shallow gold intercepts returned from initial drilling, the ASX All Ords gold stock highlighted one hole which returned 8.0 metres @ 3.2g/t Au from 14.0 metres.
Gorilla Gold said it is mobilising a reverse circulation (RC) drill rig to Comet Vale in May to “aggressively follow up” the shallow Diddy Kong, Magilla and Donkey Kong discoveries at the project.
The miner noted that drilling continues across all three of its gold projects, with six drill rigs operating during May, targeting high-grade resource growth and new discoveries.
What did Gorilla Gold management say?
Commenting on the latest results helping boost the ASX All Ords gold stock today, Gorilla Gold CEO Charles Hughes said, “Our discovery drilling at Comet Vale continues to deliver exceptional results this year, with Diddy Kong marking our fourth new gold discovery in just three weeks.”
Hughes added:
Diddy Kong is a shallow gold system with very similar characteristics to the nearby Magilla and Donkey Kong discoveries and the 350,000-ounce Lakeview deposit. Importantly, the associated soil anomaly extends for around 1 kilometre, highlighting the significant upside hereâ¦
With established infrastructure, advanced permitting and proximity to multiple processing options, we are well positioned to rapidly unlock value from these exciting new discoveries at Comet Vale.
The post Up 33% in May, guess which ASX All Ords gold stock is lifting off again today appeared first on The Motley Fool Australia.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.